FOR IMMEDIATE RELEASE January 17th, 2020 Domestic Auction of Government Treasury Notes and Exchange Offer for Government and Central Bank securities Starting January 21st, 2020, the Republic of Uruguay will launch an off-calendar domestic offering of CPI-linked and Nominal Wage-linked Treasury Notes denominated in local currency. The offering will comprise four successive daily auctions spanning through January 24th, 2020, for an amount of approximately USD 556 million-equivalent1. The transaction includes an exchange offer for selected securities issued by the Central Bank and the Central Government (outstanding of eligible instruments is approximately USD 7 billion). Key terms and conditions of the offering are presented below. Full terms and conditions are set forth in the Spanish language Communication, which can be obtained here. Treasury Notes denominated in UI Treasury Notes denominated in UP UI `2023 UI `2025 UP `2037 UP `2040 Series 26 Series 13 Series 4 Series 3 Issuer Republic of Uruguay Currency UI (inflation-linked UYU) UP (nominal wage-linked UYU) Auction date January 21st, 2020 January 22nd, 2020 January 23rd 2020 January 24th, 2020 UI 1.300 million UI 1.300 million UP 5.000 million UP 3.350 million Amount auctioned (approx. USD 152 (approx. USD 152 (approx. USD 151 (approx. USD 101 million) million) million) million) Annual Fixed 2.45% 4.00% 2.45% 2.20% Coupon Coupon Frequency Semi-Annual Average Years to 2.3 yrs. 4.4 yrs. 16 yrs. 19.3 yrs. Maturity Amortization Equal amortizations in last three years to maturity Schedule 2021/2022/2023 2023/2024/2025 2035/2036/2037 2038/2039/2040 Uruguayan Pesos Uruguayan Pesos U.S Dollars U.S Dollars Central Bank Bills Central Bank Bills and Notes due in 2020 Settlement options and Notes due in 2020 Treasury Notes due in 2020 plus CPI-linked Treasury Notes Series 19 (due in 2022) & Series 24 (due in 2021) Treasury Notes due in 2020 Issuance Format Reopening Reopening New Reopening ISIN UYNA00026UI9 UYNA00013UI7 TBD UYNA00003UP3 Settlement date January 27th, 2020 January 27th, 2020 January 27th, 2020 January 27th, 2020 Governing law Republic of Uruguay Baa2(Stable) / BBB(Stable) / BBB-(Negative) Credit Rating Moody's S&P Fitch 1 The Government is legally authorized to issue up to an additional 100% of the original tendered amount on each auction. 1 Use of Proceeds General purposes of the Government Instruments Issued. The Government is issuing four different series of domestic local currency Treasury Notes at short and medium-to-long term maturities2. The first two auctions are of inflation-linked Notes. These securities are denominated in CPI-Indexed Units (UI for its Spanish acronym)3. The last two series are linked to Nominal Wages (i.e., denominated in Pension Units, or UP for its Spanish acronym)4. Participation and Bids. Both resident and non-resident investors can participate in the offering. Local investors authorized by the Central Bank of Uruguay to submit bids are listed in the Communication referred above. All other investors, both residents and non-residents, can participate through any local broker and/or financial institution referred to in the Communication─ provided they have an open account at one of these institutions. Holders of eligible securities willing to tender in the exchange offer that cannot bid directly, should arrange with a local broker and/or financial institution to execute as needed. Neither residents nor non-residents are subject to income tax when investing in Uruguayan government securities. There are no foreign exchange restrictions. In addition, the Treasury Notes offered in these auctions can also be available through Global Depositary Notes (Euroclear, Clearstream and DTC-eligible). Pricing Mechanism, Issuance Amount and Allocation. Treasury Notes will be issued through a Dutch auction method (single price), as in the regular semi-annual calendar issuances of the Uruguayan government. Auctions are conducted over the electronic platform VALNET through which auction participants place their bids. All accepted bids will be allocated to investors at the same price. Government is legally authorized to issue up to an additional 100% of the original tendered amount on each auction. Likewise, total bids per institution cannot exceed this maximum limit. The Republic reserves the right to accept part or all of the submitted bids, or reject all of them. Tenders and Settlement. Repurchase prices for eligible securities will be communicated on January 20th, 2020 and posted on both the Central Bank’s and the Debt Management Unit’s websites. Accepted bids may be settled in Uruguayan Pesos, U.S. dollars, and/or the eligible instruments issued by the Central Bank and the Central Government, as detailed in the Annex. Treasury Notes denominated in UI are converted into UYU at the correspondent index UI/UYU at the settlement date (Bloomberg ticker: URUDUD <Index>). Treasury Notes denominated in UP are converted into UYU at the correspondent index UP/UYU at the settlement date (Bloomberg ticker: URUDUP <Index>). For those investors settling in U.S. dollars, the peso equivalent amount will be calculated using the simple average of the exchange rate of the day prior to each auction and the day of the auction (closing price, as reported by the Central Bank: Bloomberg ticker: USDUYU CBUY <Curncy>). Offering schedule. The dates and times for the issuance and settlement transactions are detailed below (Montevideo time/UTC/GMT - 3 hours). The Republic at its sole discretion may modify the dates and times indicated below. Treasury Notes Receipt of proposals Announcement of Settlement auction results From 01/20/2020 at 13:00 CPI-linked (UI `2023) 01/21/2020 at 15:00 01/27/2020 through 01/21/2020 by 14:00 From 01/20/2020 at 13:00 CPI-linked (UI `2025) 01/22/2020 at 15:00 01/27/2020 through 01/22/2020 by 14:00 From 01/20/2020 at 13:00 Wage-linked (UP `2037) 01/23/2020 at 15:00 01/27/2020 through 01/23/2020 by 14:00 From 01/20/2020 at 13:00 Wage-linked (UP `2040) 01/24/2020 at 15:00 01/27/2020 through 01/24/2020 by 14:00 2 A full list of Uruguay’s Treasury Notes outstanding can be accesed using the Bloomberg ticker: UNT <Govt>. 3 The UI is a daily accounting unit that tracks changes to the Consumer Price Index (Bloomberg ticker: URUDUD <Index>). 4 The UP is a daily accounting unit that tracks changes to the Nominal Wage Index (Bloomberg ticker: URUDUP <Index>). 2 Queries: Investors can clear any doubts by referring to the contacts below, as follows: For Treasury Notes issuances: Ministry of Economy and Finance Debt Management Unit: +598 (2) 1712 2957/2785 / [email protected] To submit proposals: Central Bank Monetary Operations Department: +598 (2) 1967 2411/2412 / [email protected] To submit eligible securities: Central Bank Monetary Payment System Department: +598 (2) 1967 2426/2427 / [email protected] Annex - Eligible Securities for Tender Central Bank Monetary Regulation Bills in Uruguay Pesos Maturity Outstanding Outstanding in USD million 02/03/2020 2.403.870.000 64 02/07/2020 16.550.280.000 443 02/12/2020 6.267.456.000 168 2/21/2020 2.700.122.000 72 2/28/2020 14.725.250.000 394 03/11/2020 1.109.940.000 30 3/20/2020 3.608.090.000 97 3/27/2020 12.796.042.000 343 04/01/2020 5.062.850.000 136 4/17/2020 2.907.110.000 78 4/22/2020 7.231.200.000 194 05/08/2020 4.594.450.000 123 5/15/2020 2.124.360.000 57 06/05/2020 1.805.730.000 48 06/10/2020 11.998.860.000 321 6/26/2020 4.447.630.000 119 07/03/2020 11.901.760.000 319 7/15/2020 6.476.710.000 173 7/31/2020 3.654.770.000 98 8/28/2020 3.520.100.000 94 09/02/2020 4.631.670.000 124 10/02/2020 4.929.870.000 132 10/14/2020 6.141.880.000 165 11/06/2020 2.743.860.000 73 12/02/2020 8.040.500.000 215 12/18/2020 9.976.860.000 267 3 CPI-linked Central Bank Notes Maturity Outstanding Outstanding in USD million 03/05/2020 922.500.000 108 Nominal Peso Treasury Notes Series Maturity Outstanding Outstanding in USD million 8 7/29/2020 19.600.235.256 525 CPI-linked Treasury Notes Series Maturity Outstanding Outstanding in USD million 12 03/07/2020 145.881.926 17 20 4/30/2020 2.814.240.277 329 14 06/10/2020 3.878.525.944 454 24 12/29/2021 6.993.050.000 818 19 9/27/2022 3.523.250.000 412 4 .